Tuesday April 08, 2014 08:35
Gold has reached new swing highs since holding the 100-day moving average above 1275 last week. The metal has traded above the 50-day moving average which comes in at 1311.1 today. Major support will come in now on the week at the 200-day moving average at 1298.8 and only a close below here will put the bears back in control. Resistance will now come in at the 1321.3-22 level which is a retracement point that aligns with the bottom side of a trend line. Resistance above here will be the major 1335.5 level; only a close above here will signal a bull trend in the immediate term. Driving Gold lower this morning is a weaker dollar which has held the 80 level this morning; a close below this benchmark will provide further support to Gold. A close above the 50 day moving average will be pivotal for the bull camp in the short term.
Resistance – 1311.1***, 1318*, 1321.3-22**, 1326.5-27.3*, 1335.5***
Support- 1298.8-1300**, 1286.1-89.5*, 1280.1*, 1275.7***, 1262.6***, 1237.5**
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